What is the best way to sell scrap gold to get the most bang for my buck? I realize that any place that will buy gold is only going to pay a fraction of the current high price of gold per ounce. However, I have some items that have no other use, like a gold bangle bracelet that has so many dents that it's unusable.
Should I try a jewelry store or pawn shop or a gold dealer in the Yellow Pages? Anyone out there have any experience selling their scrap gold? All replies are appreciated. Thank you.
truerblue from PA
I took "Goldsmithing" at a local community college here in Washington State. If you had something like that in your area, you could sell to the students. But I doubt you do. Talk to people who work at custom, high-end jewelers and ask them if they know artists. If it were me, I'd talk to jewelry artists at Farmers markets. Look for custom jewelry on Craig's list and find out who made it. That way you can sell directly to the artist. All artists are looking for a good deal on gold. You'll have to sell to someone who "Casts" gold.
Remember unless your Gold is 24 karat, it's only partly gold. Because of this, the jeweler that casts used gold has to add a certain amount of fresh gold to their casting. If they recast just used gold there may be problems because of the alloys. The karatage of the jewelry will tell you what percentage of gold it contains: 24 karat is 100 percent, 18 karat is 75 percent, and 14 karat is 58 percent 12 is 50%. The remainder is copper and zinc. That's why some people have allergies to gold, it's usually the additives.
But, now is a good time to sell because of the very high price of gold. Do not sell to those guys that advertise they buy "scrap gold" on TV, a very bad idea, they are total rip-offs. PLUS: If you do sell to a Jewelry Artist, as least you'll know your memories will be put to good use.
WHAT IS A KARAT:
WHAT ARE COLORED GOLDS:
Be sure to meet people you don't know with a man by your side and at Starbucks or a coffee shop for safety. Never let anyone near or in your home. Make sure whether or not you have a man living with you, you let them think you do because I've in the past I had one strange guy find me by my license plate. (03/20/2008)
My ex-husband was a jeweler and he and the company he worked for would send all their scrap gold to SWEST, that's who the jewelers use, thus you're bypassing the middleman. His company used wooden counters and sinks and scraped them down several times a year and sent the shavings to SWEST.
Swest: Jewelry supplies, tools and metal
11090 N. Stemmons Freeway
Dallas, TX 75229
1-800-527-5057 (7:30 a.m. to 7:00 p.m., CST, M-F)
If you want the most bang for your buck then you should sell it to a refiner. There are couple of refiners you can find online that will send you a free kit and make the whole process pretty painless. Avoid pawn shops for selling scrap gold as they're just a middleman and your gold will end up in the same place anyway.
Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!